Manor Racing has had its deadline to find a new buyer extended to the end of the month after administrators sourced the money needed to pay staff for January.
The minnow team's operators Just Racing Ltd slipped into administration on 6th January, leaving it originally with just two weeks (20th January) to source new investors or face being wound up.
However, the BBC is reporting FRP Advisory – who are overseeing the administration process – has sourced money to pay staff until the end of month, extending the deadline by an extra week to find a buyer before it will be forced to consider redundancies.
Though due diligence is taking place in preparation for a shutdown, talks are reportedly still ongoing with potential buyers as the Manor team continues working in the factory in case a lifeline is sourced.
Should Manor find a buyer at this late stage, it is likely to be allowed to begin the 2017 season with its Mercedes-powered 2016 car, albeit with modifications to meet this year's revised technical regulations.
Owner Stephen Fitzpatrick – who purchased the team in 2015 – revealed at the time of the administration announcement that Manor was in talks with several investors for the 2017 season up to the end of last year. However, the loss of 10th in the constructors' standings with just one round remaining – costing it an approximate £10 million in prize money – would scupper negotiations.
Latest Tweets from Crash.net & GPF1rst